A loan of $3,500 helped to purchase a pay box machines which are used for paying communal taxes.

Ilarion's story

Ilarion is 39 years old. He lives in the Vani District with his retired mother. Ilarion requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

Ilarion has two milk cows and a plot of agricultural land where they have a vineyard and grow nut trees. They milk the cow and make dairy products. Harvested grapes and nuts are sold with the dairy products locally at the markets, and the family gets a small amount of monthly income. According to Credo estimations, the family belongs to the subsistence poor category.

Ilarion requested a loan from Credo to start a family business. His loan request was approved within the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Ilarion will purchase a quick payment machine (which is used for paying communal taxes and different service fees). This business is newly developed in the country and he hopes that it will be successful and will increase his family income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Loan details

Lenders and lending teams

Loan details